SEATTLE — Grosvenor Americas has acquired 11 Class A office buildings in the Seattle submarket of Bothell for $167.5 million. The portfolio contains a total of 712,460 square feet within the 125-acre Schnitzer North Creek office campus. The campus is located at 11824 North Creek Parkway N. just northeast of Seattle. The institutional-grade buildings are part of Schnitzer North Creek’s 24-office building campus, which totals 1.1 million square feet. The seller, Schnitzer West, will continue to provide on-site property management. Schnitzer was represented by CBRE in the sales transaction. This is Grosvenor’s first office acquisition in the Puget Sound region.
Western
DRAPER, UTAH — Kimball Investment Company has purchased 38.7 acres of land in Draper for an undisclosed sum. The land is known as the White Mountain Business Park. It is located at 170 Golden Harvest Road. It sits adjacent to the new FrontRunner station and eBay’s new call center. Kimball plans to develop a 600,000-square-foot office/warehouse project on the land. Phase I is scheduled for completion at the end of next year. Kimball was represented by Tom Dischmann of CBRE’s Salt Lake City office. The seller, Scandia Investment/White Rim Investment, was represented by Jeff Richards of the same firm.
WEST HOLLYWOOD, CALIF. — Northwood Investors LLC has purchased The London West Hollywood, a 200-room hotel in the Los Angeles submarket, for an undisclosed sum. The all-suite luxury hotel is located at 1020 N. San Vicente Blvd. in West Hollywood. The hotel features a restaurant by Gordon Ramsey, as well asa rooftop pool and lounge. This is Northwood’s first West Coast acquisition. The hotel will be managed by Northwood Hospitality LLC, a Northwood affiliate.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. Itis a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi.The seller, Deka Immobilien, was represented by Savills.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space.The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. It is a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi. The seller, Deka Immobilien, was represented by Savills.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space. The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
ALISO VIEJO, CALIF. — AEW Capital Management has purchased a 109,948-square-foot, institutional-quality building in Aliso Viejo for an undisclosed sum. The corporate headquarters building is located at 1 Enterprise Drive. The building serves as the corporate headquarters for Microsemi Corporation. It is one of the only single-tenant, Class A buildings to be constructed in the Orange County submarket after 1999. The building is leased to Microsemi through January 2021.The seller, Global Investment Advisor, was represented by CBRE’s Bob Smith, Paul Jones, Kevin Shannonand Ken White.